| Mutual of America Financial Group | |
| Type: | Mutual |
| Foundation: | 1945 |
| Location: | New York City, United States |
| Area Served: | United States |
| Key People: | Stephen J. Rich (Chairman and CEO) |
| Num Employees: | 1,146[1] |
| Num Employees Year: | 2022 |
| Industry: | Financial services |
| Revenue: | $2.785 billion USD (2022) |
| Net Income: | -$72 million[2] |
| Homepage: | www.mutualofamerica.com |
Mutual of America Life Insurance Company is an American provider of retirement services and investments to employers, employees and individuals. Founded in 1945, the company provides products and services to help its customers build and preserve assets.[3]
Mutual of America is a Fortune 1000 mutual company headquartered in Manhattan, New York City.[4]
The company had $26.4 billion in total assets under administration and served more than 500,000 401(k) and 403(b) retirement plan participants from more than 5,000 clients nationwide, as of December 31, 2023.[5]
Mutual of America is the majority owner of its corporate headquarters building at 320 Park Avenue, which it purchased in 1992.[6] The company also has a corporate campus and training center in Boca Raton, FL, which it opened in 1988. It has nearly 60 Regional Offices and affiliate offices throughout the U.S., including in New York City, Boston, Atlanta, Chicago, Minneapolis, Denver, Dallas, Phoenix, Los Angeles and San Francisco.[7]
Mutual of America Financial Group was founded in 1945. It specialized in retirement products for nonprofit organizations.[8]
In 1976, Mutual of America moved its headquarters into at 666 Fifth Avenue.[9] In 1992, Mutual of America bought a 34-story building at 320 Park Avenue in New York from Olympia and York for $130 million, and turned it into the Mutual of America building. The building had been occupied by ITT Inc. up until 1990. The building's redesign was managed by Swanke Hayden Connell Architects.[10] [11]
In 1971, William Flynn became the president of Mutual of America. He became the CEO the following year, and the chairman in 1982.[12]
In 2005, he became the company chairman emeritus of Mutual of America.[13]
In 1992, Thomas J. Moran was named president of the company, the first person to have been appointed president from within the company.[14] He was named CEO in 1995 and in June 2005, he was appointed chairman of the board.[15]
Mutual of America remained profitable throughout the subprime mortgage crisis.[16]
In 2016, Thomas J. Moran retired as CEO and John R. Greed replaced him, becoming both president and CEO.[17] In 2018, John Greed became chairman of the board following Thomas Moran's decision to retire from the company.[18] John Greed joined the company in 1996.
In June 2024, Brian Q. Severin was appointed president in place of John Greed, who retained the positions of Chairman and CEO.[19]
In July 2024, Stephen J. Rich was appointed chairman of the board and CEO, succeeding John Greed.[20]
Mutual of America offers a variety of retirement savings and investment solutions. It primarily offers investment products, such as 401(k) plans and 403(b) plans, 457(b) plans, and individual products such as Traditional IRAs and Roth IRAs.
Capital Management is an SEC-registered investment adviser and an indirect, wholly owned subsidiary of Mutual of America Life Insurance Company.[21] It was formed in 1993 and operates as an investment management company serving institutional clients and an investment adviser to MoA Funds.[22] Capital Management offers portfolio management and investment advisory services to customers in the United States. Its MoA Fund are available to the financial adviser channel and investors outside of Mutual of America's retirement plans.
As of February 2024, Capital Management managed approximately $28 billion and offered 28 funds with an array of asset classes and objectives, including equity, fixed income, international, asset allocation funds and target-date funds.
The Mutual of America Foundation Community Partnership Award began in 1996.[23] It is an annual award given for outstanding contributions U.S. nonprofit organizations make to society in partnership with public, private and other social sector organizations.[24]
Hundreds of organizations participate in a national competition each year. In 2023, six organizations were awarded. As of March 2024, 262 partnerships have been recognized. The winning organizations are selected by an independent committee to receive the Community Partnership Award.
The Thomas J. Moran Award is given to the national award-winning program and includes $100,000 and a documentary video about the program.
The Frances R. Hesselbein Award is given to a partnership that is addressing social challenges in more than one community, or which demonstrates the potential to be replicated in other communities. This recipient receives $75,000.[25]
Four other organizations are named Honorable Mention recipients for their programs, and each receives $50,000.
Mutual of America is the exclusive Flagship Sponsor for the American Cancer Society’s Making Strides Against Breast Cancer Walk in New York, which helps fund research in the fight against breast cancer and the many programs the American Cancer Society offers.[26] Mutual of America has helped raise more than $4 million over the walk’s 30-year history.